Condor Capital Management

Explore: President Ken Schapiro Quoted in New York Times Article “Why These Millionaires Are Staying Put Despite a New Tax on Them”

President Ken Schapiro Quoted in New York Times Article “Why These Millionaires Are Staying Put Despite a New Tax on Them”

In light of a recent millionaires tax in New Jersey that increases state taxes by 20 percent for individuals with incomes of $1 million and higher, many believe that high earners have been incentivized to leave the state. While that may be the case for some, for others, it would take more than increased taxes for them to move elsewhere.

Condor Capital Management’s president, Ken Schapiro, who is also a member of Tiger 21, an investment group with members whose net worths may be tens of millions of dollars, recently had several comments on this.

“It wouldn’t be higher taxes,” he said. “I have too many business ties. I own a tennis club here. I have friends and family here. Look, if they double the taxes, I might do it.”

“The difference between 10.75 percent and 8.75 percent won’t necessarily pay for a second home, but the whole number will for sure,” he also said, referencing the new and old tax rates for millionaires in New Jersey. “But in general, I usually tell people to make decisions based on goals and objectives and worry about the taxes secondary.”

To read the full article of “Why These Millionaires Are Staying Put Despite a New Tax on Them” by Paul Sullivan, please click here.

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New Jersey Ranks High!…..For Property Taxes

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For yet another year, residents of New Jersey have been subject to among the highest property taxes in the nation. Data compiled by the NJ Department of County Affairs shows that property owners paid an average of $8,549 in property taxes for 2016, representing a 2.35% increase from the previous year. Continue reading “New Jersey Ranks High!…..For Property Taxes”

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What Does the Recent Compromise In Trenton Mean For New Jersey’s Residents?

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Politicians from both sides of the aisle in Trenton have finally reached an agreement to replenish the Transportation Trust Fund after many delays. While all residents of the Garden State won’t be impacted the same, the implications will be far-reaching nonetheless. The new deal confirms a 23-cent hike in the gasoline tax, which on top of the current 14.5 cent/gallon tax – brings this tax to 37.5 cents per gallon, up to the seventh-highest in our country.

Continue reading “What Does the Recent Compromise In Trenton Mean For New Jersey’s Residents?”

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The Garden State’s Future Looks Bright

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We’ve commented on the national economy as well as jobs across our country on several occasions over the past couple months. Today, however, we want to comment on the state of employment in, well, our own state: New Jersey. Just how far has the Garden State come in terms of recovering the number of jobs lost since the pre-recession peak in 2008? Very far, according to the Rutgers Economic Advisory Service (R/ECON). To illustrate how close, Nancy Mantell, the director of R/ECON, recently noted that NJ will match the previous high sometime in early 2017.

Continue reading “The Garden State’s Future Looks Bright”

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